Oil prices slightly lower in Asia

Oil prices in Asia dropped slightly Wednesday as traders cashed in recent gains, with weak US energy demand dampening the market''s mood despite concerns over tension in Iran and Nigeria. New York''s main contract, West Texas Intermediate crude for delivery in February, was down 39 cents at $101.85. Brent North Sea crude for February shed 36 cents to $112.92. The American Petroleum Institute said Tuesday US crude stockpiles gained 397,000 barrels last week, indicating softer demand in the world''s biggest oil-consuming nation. Analysts are keeping a close watch on the situation in Nigeria , Africa''s top oil where ethnic violence and a two-day old general strike have paralysed the country and sent its government into crisis mode. Worries over Iran''s nuclear programme also continue to put pressure on oil prices. (QNA) M T Z